Ardian sells RGI to Corsair Capital

Francesca Veronesi
09 January 2018

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Italian insurance software development company RGI has been sold by Ardian, the company's founding partner, Paolo Benini, and the management to US-based Corsair Capital.

Ardian held a 67% stake in the business, while Benini owned an 18% stake prior to the transaction. Ardian held its stake via the Ardian Expansion III fund. As per Ardian's profit-sharing policy, the employees of RGI will receive a bonus as the GP exits the investment.

Corsair is a New York-headquartered GP focusing on the financial services industry. Founded in 1992 originally within JP Morgan, Corsair span off in 2013.

Previous funding
Ardian acquired a 72% stake in RGI in 2014; the deal saw 21 Investimenti exit the company. Paolo Benini, RGI's founder, retained a 20% stake in the company with the remaining 8% stake retained by the management.

RGI acquired Kapia Solutions, a French company operating in the same sector with a focus in the life insurance segment, in 2016. Ardian supported the deal with a capital increase, through its Ardian Expansion III fund, alongside minority shareholder Benini. Following the transaction, Ardian retained a 67% stake in the business, while Benini owned 18%.

Company
Founded in 1987 and headquartered in Milan, RGI specialises in software development for insurance companies, covering the entire spectrum of insurance policy management through the provision of software and advisory services. The company generated a turnover of around €70m in 2017 and its EBITDA currently stands at €18m. RGI employs around 800 people across 12 offices in Italy, France, Germany, Tunisia and Luxembourg. It has worked with more than 100 insurance companies and 300 brokers in these regions.

People
RGI – Vito Rocca (CEO).
Corsair Capital – Raja Hadji-Touma (managing director).
Ardian – Paolo Bergonzini (head of expansion Italy).

Advisers
Equity – Arma Partners (M&A).
Vendor – GCA Altium (M&A); Gattai, Minoli, Agostinelli & Partners (legal); CBA (financial due diligence); PwC (accounting); Indefi (ESG due diligence).